Dutch Bros
Hand-crafted customizable beverages sold through a mixed drive-thru shop system.
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Profile
Hand-crafted, customizable hot and cold beverages are sold through U.S. drive-thru shops, with espresso at the core. The company directly operates shops and franchises others, pairing its Oregon pushcart roots with a service and community culture it describes as people-first.
Operating and franchising drive-thru shops, the business centers on hand-crafted, customizable hot and cold beverages, with espresso at the core. It began in 1992 in Grants Pass, Oregon, with a double-head espresso machine and a pushcart.
Revenue comes from a mixed system of company-operated and franchised shops. The model pairs direct shop operations with franchising, and the business is concentrated in the United States.
Speed of service and a community-oriented, people-first culture form the company’s stated operating identity. Its business structure combines company-operated shops with franchise partners in the United States.
Company facts
Categories
Key statistics
Year to date −19.7% · Average volume (30d) 3.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | DA Davidson | Reiterate | Buy | $90 | $85 |
| Jul 31, 2026 | Telsey Advisory | Reiterate | Outperform | $74 | |
| Jul 16, 2026 | Stephens | Initiate | Overweight | $80 | |
| Jul 15, 2026 | Morgan Stanley | Reiterate | Overweight | $87 | $88 |
| Jun 30, 2026 | Oppenheimer | Reiterate | Outperform | $72 | $82 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.29 | $0.33 | +14.0% | $525.4M | $550.9M | +4.8% | −18.79% |
| May 6, 2026Q1 FY26 | $0.16 | $0.16 | 0.0% | $449.7M | $464.4M | +3.3% | −9.35% |
| Feb 12, 2026Q4 FY25 | $0.10 | $0.17 | +70.0% | $424.8M | $443.6M | +4.4% | +4.68% |
| Nov 5, 2025Q3 FY25 | $0.17 | $0.19 | +13.6% | $413.6M | $423.6M | +2.4% | −4.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $355.2M | $415.8M | $423.6M | $443.6M | $464.4M | $550.9M | |
| Gross profit | $90.0M | $120.0M | $106.8M | $107.1M | $106.0M | $151.1M | |
| Operating income | $31.1M | $54.7M | $41.5M | $34.0M | $35.9M | $70.4M | |
| Net income | $15.4M | $25.6M | $17.5M | $21.4M | $16.1M | $37.4M | |
| Diluted EPS | $0.13 | $0.20 | $0.14 | $0.17 | $0.13 | $0.28 | |
| Gross margin | 25.3% | 28.9% | 25.2% | 24.1% | 22.8% | 27.4% | |
| Operating margin | 8.7% | 13.1% | 9.8% | 7.7% | 7.7% | 12.8% |
Fiscal years (4-quarter sums)FY21 $497.9M · FY22 $739.0M · FY23 $965.8M · FY24 $1.28B · FY25 $1.64B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $268.6M · Total debt $1.21B · Total assets $3.38B · Shareholders' equity $797.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 126.91M · Float 122.37M · 96.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| DM Trust Aggregator, LLC · 10 percent owner | 25.09M | 19.77% | Form 4 | Jun 12, 2026 |
| FMR LLC | 16.72M | 13.18% | 13F | Aug 13, 2026 |
| DM Individual Aggregator, LLC · 10 percent owner | 16.55M | 13.04% | Form 4 | Jun 12, 2026 |
| BlackRock, Inc. | 14.66M | 11.55% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 9.59M | 7.56% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Todd Allan Penegor | director | +2,000 | $51.56 |
| Jun 11, 2026 | DM Trust Aggregator, LLC | 10 percent owner | −488,945 | $63.02 |
| Jun 10, 2026 | DM Trust Aggregator, LLC | 10 percent owner | −488,945 | $60.39 |
| Jun 11, 2026 | DM Individual Aggregator, LLC | 10 percent owner | −261,055 | $63.02 |
| Jun 10, 2026 | DM Individual Aggregator, LLC | 10 percent owner | −261,054 | $60.37 |
Peers
- Starbucks
Coffee retailer with company-operated and licensed store channels
- Restaurant Brands International
Premium-coffee, beverage and food quick-service restaurants
- McDonald's
Coffee and espresso drinks sold through McDonald's U.S. menu
- Monster Beverage
Energy-drink supplier with a broad branded portfolio
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Dutch Bros | $50.04 | +0.27% | $8.62B | 69.3 | 45.4 | 4.6 | +32.5% |
| Starbucks | $108.15 | +0.30% | $122.95B | 62.0 | 36.0 | 3.2 | −1.4% |
| Restaurant Brands International | $78.50 | +0.29% | $27.15B | 23.1 | 18.5 | 2.8 | +4.6% |
| McDonald's | $265.11 | +0.04% | $188.28B | 21.5 | 20.0 | 6.8 | +3.7% |
| Monster Beverage | $46.92 | +0.13% | $91.66B | 43.2 | 38.3 | 9.9 | +20.2% |
| Median | 33.1 | 28.0 | 5.0 | +4.2% |